A Wall Street Journal probe reveals many social media videos showing large Polymarket payouts appear staged or simulated.
A Wall Street Journal investigation found that viral videos claiming $100,000 wins on Polymarket, a crypto-based prediction market, may be fabricated. The probe reviewed over 1,100 videos and identified simulated platforms mimicking Polymarket to create false profit narratives.
College student George Makihara and dozens of other creators allegedly filmed staged trades to attract users. About 70% of the videos showed bets on Polymarket, where users wager cryptocurrency on event outcomes. The Journal discovered password-protected sites resembling Polymarket, raising concerns about deceptive promotions.
The findings highlight risks in unregulated prediction markets, where misleading content could influence investor behavior. No immediate market reaction was reported.